The US economy added 678,000 nonfarm payrolls last month, the Bureau of Labor Statistics said Friday. Economists surveyed by Bloomberg anticipated a gain of 440,000 new jobs.
The reading shows job creation accelerating from January's pace. The January increase was revised to 481,000 new jobs from 467,000. December's figure was revised a second time to 588,000 payrolls from 510,000.
The unemployment rate dipped to 3.8% from 4%, according to the report, landing below the median estimate of 3.9%. That sits just above the record-low reading of 3.5% seen just before the pandemic.
The report shows the pace of hiring still holding strong as the country's virus situation rapidly improved. Daily COVID infections peaked on January 10 at more than 1.4 million, and while case counts remained elevated at the start of February, they ended the month at the lowest 7-day average since July.
The reading shows job creation accelerating from January's pace. The January increase was revised to 481,000 new jobs from 467,000. December's figure was revised a second time to 588,000 payrolls from 510,000.
The unemployment rate dipped to 3.8% from 4%, according to the report, landing below the median estimate of 3.9%. That sits just above the record-low reading of 3.5% seen just before the pandemic.
The report shows the pace of hiring still holding strong as the country's virus situation rapidly improved. Daily COVID infections peaked on January 10 at more than 1.4 million, and while case counts remained elevated at the start of February, they ended the month at the lowest 7-day average since July.
